Commentary & Deal Flow

++++Corrects EUR tranche ISIN+++

Diebold Nixdorf (DBD) approx $1.095bn (up from $1.085bn) equivalent (USD/EUR) 144A/Reg S sr sec 1st lien notes two-part. B3/B- (stable/negative). Via JPM/PNC/BofA/CS/DB/USB joint books, HSBC as co-manager. No reg rights. Denoms: USD 2x1, EUR 100x1. Settles 07/20 (T+7).

- Diebold Nixdorf Inc USD700m (up from USD690m) sr sec 1st lien notes due 07/15/25 (5y). NC2 (MWC T+50bp), then at 104.688, 102.344, 100. Equity claw: 2y 40% at 109.375. 144A CUSIP: 253657AA8. IPT 10%. Px talk: 9.75%-10%. Launched: $700m at 9.375% coupon to yield 9.625% (at approx 99.031). Priced: 9.375% at 99.031, yield 9.625%. +933bp vs 0.25% 06/30/25.

- Diebold Nixdorf Dutch Holding BV EUR350m sr sec 1st lien notes due 07/15/25 (5y). NC2 (MWC B+50bp), then at 104.50, 102.25, 100. Equity claw: 2y 40% at 109.00. Reg S ISIN: 2206382868. IPT low 9s. Px talk: 9.25%-9.50%. Launched: EUR350m at 9.00% coupon to yield 9.125% (at approx 99.511). Priced: 9.00% at 99.511, yield 9.125%. +980bp vs DBR 1.00% 08/15/25.

Did investor call at 11am NYT, 4pm UKT 07/07. Books closed for US investors at 6pm NYT yesterday; for EUR investors at 1pm UKT/8am NYT today. Reconfirms were due by 10:30am NYT / 3:30pm UKT today. UOP: Along with $152m cash on hand, to refinance its existing TLA ($358m), TLA-1 ($594m) and pay down a portion of its 2020 revolver ($196m). Biz: a leading manufacturer of ATMs, cash recyclers, self-checkout kiosks, point of sale terminals and related software and services for banks and retailers. HQ: North Canton, OH.